Shadow Networks

Financial Disorder and the System that Caused Crisis

Michael Ash author Francisco Louçã author

Format:Hardback

Publisher:Oxford University Press

Published:11th Oct '18

Currently unavailable, and unfortunately no date known when it will be back

Shadow Networks cover

The 2007-08 financial crisis surprised many economists and the public. But how did the crisis come about, why was it so deep, and why has the clean-up been so slow and painful? Many accounts of the crisis focus on renegade activity in marginal financial sectors. Shadow Networks challenges this pervading view and sets out to demonstrate that, far from a dissident branch, the shadow finance that initiated the crisis is tightly networked with, and highly profitable for, bank-based finance. The collapse was not an accident, but baked into the system of finance from the start. Shadow Networks traces the complex web of power that caused crisis and gives vivid descriptions of the actors in the quarter century leading up to 2007 to explain how the now decade-long crisis took shape. Shadow Networks: Financial Disorder and the System that Caused Crisis is a probing examination of the roles of the powerful elite. It traces the networks and institutions that support a finance-focused, market centered model of economy and society from their ascendancy to their surprising resilience in the face of manifest failures.

Shadow Networks is a tour de force. This wonderful book by Francisco Louçã and Michael Ash gives us a fascinating global view of the of the underlying forces, people, and financial institutions that generate massive wealth at the top and instability and insecurity for many of the rest of us. With numerous entertaining vignettes of the people in power, from bankers to politicians to economists, Louçã and Ash weave the destructive texture of our global financial system, but manage to bring it down to the human level. Rigorous yet lively and easy to read, Shadow Networks will be a great text for students that want to understand the financial mess we are in, and anyone who wants to chart a new, more stable and egalitarian course forward. * Gerald Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts Amherst, US *
That the world has financialized is not news. We live, as a famous newspaper has it, "in Financial Times. But we tend to see only one aspect of financialization - the bit that we can sometimes count - the bit that goes bust with depressing regularity - the shadow banking system. What we miss is hidden in the shadows. The intellectual and political networks that sustain and nurture financialization as a social and political project. In this work Louçã and Ash seek to bring into the light those forces that would prefer to stay in the shadows. * Mark Blyth, Eastman Professor of Political Economy, The Watson Institute for International Affairs, Brown University *

ISBN: 9780198828211

Dimensions: 242mm x 163mm x 27mm

Weight: 740g

414 pages